The U.S. State Department extended six-month Iran sanctions waivers on Friday to China, India, South Korea, Sri Lanka and other countries in exchange for their reducing purchases of Iranian crude oil earlier this year.

Under a law governing sanctions imposed on Iran's disputed nuclear program by the United States, the State Department is required to determine whether the Islamic Republic's oil consumers have reduced their purchases.

The decision comes even after the United States and five other global powers, known as the P5+1, agreed in Geneva this month to ease Iran's access to about $4.2 billion in foreign currency reserves for six months in exchange for Tehran's steps to curb its nuclear program.

The waivers, which the State Department calls exceptions, mean that banks in the consuming countries will not face being cut off from the U.S. financial system for the next six months.